Twitch co-founder raises US$ 24 million for Web3 gaming company Metatheory

Funds from Series A round led by Web3 venture capital firms will be allocated for Metatheory’s NFTs, comics and a new play-to-earn game, with its release expected for late 2022.
May 17, 2022 - Cynthia Chung

On Monday, Web3 gaming company Metheory founded by former Twitch co-founder Kevin Lin raised US$ 24 million in a Series A funding round. The funding round was led by Andreessen Horowitz along with Pantera Capital, FTX  Ventures and more. 

 

U.S.- based Metatheory was launched in November 2021. The company will develop high-quality games and virtual worlds with strong IP and leverage on Blockchain technologies like NFTs, according to Lin’s statement in an interview with GamesBeat. Metatheory’s play-to-earn game in development is called DuskBreakers. 

 

DuskBreakers was released in December 2021 as an Ethereum blockchain game with a ‘play-to-mint’ model for its initial 10,000 NFTs. The team behind the game will continue DuskBreakers’ expansion with new comic and animation releases as well as NFTs and a new ‘play-to-earn’ game slated to launch in late 2022. 


Building immersive digital experiences has always been a passion of mine, and after stepping away from Twitch to explore what’s next in the industry, I truly believe blockchain will open the door to even more possibilities and have a major impact in the gaming, storytelling and community building space.’ wrote Lin in a blogpost when he launched Metatheory a year after leaving Twitch. 

 

‘Metatheory is redefining how games and stories are told from the bottom up using web 3 primitives, and we couldn’t be more excited to partner with cofounder Kevin Lin and team on a journey to build the next-generation Disney,’ said Jonathan Lai and Andreessen Horowitz partner in a statement.

 

Photo: Metatheory

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